Natural Fiber Composites Market Set to Reach $424 Million by 2028, Growing at a CAGR of 5.3%
The global natural fiber composites market is projected to grow from USD 328 million in 2023 to USD 424 million by 2028, at a CAGR of 5.3% during the forecast period. Natural fiber composites comprise natural fibers, such as flax, hemp, jute, and kenaf, along with a polymer matrix, such as polypropylene, epoxy, polyethylene, or polyester. Natural fiber composites are on par with synthetic fiber composites with regard to strength and performance. Natural fiber composites are used in automotive, construction, and electrical and electronics applications, along with some other end-use industries, such as sporting goods, paperweights, etc. In automotive applications, natural fiber composites are mainly used in door panels, seat backs, and load floors. In construction, such composites are used for door panels, window frames, decking, railings, fencing, and indoor furniture.
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One of the key factors driving the natural fiber composites market is growing consumer preference and awareness regarding environmental protection in the developed regions. Consumer preference has changed over time, and their environmental awareness is increasing with awareness of the hazardous effects of plastics and petroleum-based products. Growing environmental awareness is encouraging consumers to use materials suitable for the environment. Subsequently, the preferences of consumers influence contractors, OEMs, and other stakeholders and encourage them to develop more environmentally friendly solutions.
Natural fiber composites provide better thermal and acoustic insulation than glass fiber composites, so they are preferred in the automotive industry. They also reduce irritation related to the skin and the respiration system. Additionally, the low density of natural fiber composites reduces vehicle weight, increasing fuel efficiency. Moreover, the production of synthetic fibers requires energy from burning fossil fuels, emitting CO2 in the atmosphere.
Companies working in the natural fiber composites market have adopted expansions, partnerships, joint ventures, agreements, new product/technology launches, contracts, acquisitions, and mergers & acquisitions to strengthen their market share in the global natural fiber composites market from 2018-2023.
Major market players in natural fiber composites market are Procotex SA Corporation NV (Belgium), Polyvlies Franz Beyer GMBH & Co. KG (Germany), Tecnaro GmbH (Germany), FlexForm Technologies (US), Meshlin Composites Zrt (Hungary), GreenCore Composites Inc. (Canada), GreenGran B.V. (Netherlands), and Jelu-werk Josef Ehrler GmbH Co & Co. KG (Germany) and others.
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Tecnaro GmbH is a spinoff of Fraunhofer-Institut Chemische Technologie (ICT) established in 1998. The name of the company is a synonym for the application of the existing plastics processing engineering. The company is into the development, production, and marketing of ARBOFORM, ARBOFILL and ARBOBLEND. It has a manufacturing capacity of 5000 tons of ARBOFORM, annually. ARBOFORM is made of renewable raw material and is mainly used for injection molded woods applications.
Procotex SA Corporation NV is a wholly owned subsidiary of the holding company Dolintex NV. The parent company has two delocalized flax manufacturing units in Lithuania. The company has its head office and production units in Belgium. The location of the company helps it in trading processed flax fiber to various industries, namely, the spinning sector, the paper industry, the sanitary world, and the composites industry. The products manufactured by the company serve as a raw material in various industries such as automotive, thermoplastic, thermoset, rubber, paper, and electric among others.
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